Socio-Economics & History Commentary

The Western Financial System Teeters on the Brink — Only a New Bretton Woods Agreement Among the Four Powers Can Prevent Chaos

The Western Financial System Teeters on the Brink — Only a New Bretton Woods Agreement Among the Four Powers Can Prevent Chaosby https://larouchepac.com/The Western monetary system is hanging by a thread. The immediate panic in Turkey, Argentina and elsewhere eased slightly today, but the problem is not localized to one or more crisis points — it is systemic, the result of the past ten years’ refusal to change the policies which caused the 2008 breakdown. When Wall Street exploded in 2008, Bush and Obama showed their colors — the red, white and blue of the Union Jack, not the U.S. flag — refusing to implement Lyndon LaRouche’s call for restoring FDR’s Glass Steagall Act, while enacting laws which encouraged a full return of the derivative speculation at the expense of the real economy. This led to the revolt of the population expressed in the election of Donald Trump, who pledged to restore the US industrial economy and end the perpetual imperial warfare.–Now, however, as LaRouche insisted after the 2008 crash, Glass Steagall alone will not do the job. Nothing short of an entirely new world financial order can succeed in replacing the “Casino Mondial” of floating exchange rates and unbridled speculation, which has taken the place of investment into the real economy, with the IMF and the ECB as the “enforcement” mechanism. Such a New Bretton Woods approach is required, restoring fixed exchange rates in a gold reserve system, while “New Silk Road” projects based on national credit expand the productivity and well being of the entire human race.–Achieving such a new paradigm requires that Donald Trump sit down with the leaders of the other three great powers in the world — Russia, China and India — to formulate such a new Bretton Woods agreement. This was LaRouche’s insight in 2009, that only these four powers acting in tandem would have the power to replace the British Empire with a new financial system among sovereign nations based on real development. This vision was confirmed at the historic BRICS Summit in South Africa last month, where Russia, China and India dedicated themselves to extending the spirit and function of the New Silk Road to all of Africa and the so-called developing sector.–Trump has declared, repeatedly, that Xi Jinping, Vladimir Putin and Narendra Modi are friends, despite the massive effort by the British and their assets in the U.S. to turn the nation against both Russia and China. Now, the Russiagate scam is exposed and could soon be ended, with the accusers becoming the accused. Trump’s lawyer Rudy Giuliani declared that it is time for Obama’s CIA chief John Brennan to be brought before a Grand Jury for his criminal connivance with British intelligence operative Christopher Steele, who orchestrated the ongoing coup attempt against the government of the United states. Leading Congressmen are now focused on the British intelligence role in the Russiagate coup attempt. This cleansing of the British imperial filth within the U.S. establishment must be successfully completed, immediately, freeing Trump to do what he must, through the Four Power alignment: to create the New Bretton Woods.